Global markets tumble as US trading hit by fears of second wave

Global markets plunged amid increasing fears that a second wave of coronavirus could hit major economies, with traders in the US particularly cautious. Load Error Reports that new infections were increasing in Texas, California and Arizona shook Wall Street and dragged already negative markets in Europe further into the red. “In recent weeks global equities have enjoyed a rally on the back of the news that economies were reopening, but now dealers are worried the unwinding of the restrictions might trigger a fresh round of cases. Across the Atlantic, the Dow Jones dove by 880 points after the bell as sentiment took a nosedive from the optimism which had driven it to a three-month high just days earlier. Catalytic converter manufacturer Johnson Matthey sank after it told investors it is cutting 2,500 jobs following a major hit from coronavirus. More than half of the job losses will come from the business’s leadership roles, as Centrica revealed it would strip out three layers of middle managers, in a bid to cut bureaucracy.